What are the challenges most likely to drive up the cost of your divorce and how can you avoid these expensive financial traps? The two most expensive and commonly contentious issues in a Louisville divorce case are child custody and parenting time and business or professional practice ownership.
Issues surrounding the children can be the most expensive challenges in many divorce cases. Most parents have specific goals regarding their ability to spend time with their children during and after the divorce. This extends to their ability to make important decisions in their children’s lives regarding things such as education, religion and healthcare.
It is not unusual for allegations of domestic violence, criminal behavior or other accusations to be leveled by either or both parties. Sorting out these allegations is often quite expensive.
Reaching agreement on all child custody and parenting time issues in a contentious environment requires time and money. Resolving them before the Court is usually even much more expensive and time consuming.
One of the other challenges most likely to drive up the cost of your divorce is the ownership of a business or professional practice. The possible exception to this case would be the spouse who owned that business or practice prior to the marriage and no marital funds were ever used or commingled with the business. However, the increase in value of the asset during the course of the marriage could come into play.
The primary issue in these cases is the establishment of a fair and just valuation for the business. Valuation is a complex financial and legal process and both parties often have a substantial financial stake in this crucial calculation. The valuation of the asset helps to establish the marital property interest in the business or practice. The marital interest in the asset must be equally divided according to Kentucky law.
In most cases the business owner wishes to keep the business as their own after the divorce and must offset their former spouse’s marital interest with other property or funds.
Are you concerned about the challenges most likely to drive up the cost of your divorce in Louisville? If you have child custody and parenting time or business ownership concerns in a divorce in Louisville we invite you to contact Dodd & Dodd or call 502-584-1108 to learn more and schedule an appointment. Our business and family law attorneys have decades of experience serving Louisville and the surrounding communities. We can and will protect your interests.